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%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
%SET PATHS
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
% QUANT
\newcommand{\Quant}{../01_Baseline_Model}
\newcommand{\QuantPerfInfo}{../02_Perfect_Information}
\newcommand{\QuantAP}{../03_Appendix}
\newcommand{\QuantAltPersistence}{../03_Appendix/50_Alternative_Persistence}
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%


\begin{document}

\setcounter{section}{3}
\setcounter{figure}{5}
\setcounter{table}{3}

\section{Quantitative Analysis}
\subsection{Calibration and Model Fit}

\begin{table}[H]
\caption{Calibration of the Model}
\smaller
  \input{\Quant/tables/table_params.txt}
\end{table}

\begin{table}[H]
  \caption{Targeted Moments}
  \smaller
  \renewcommand\arraystretch{1.0}
  \input{\Quant/tables/table_targets.txt}
\end{table}

 \begin{table}[H]
     \centering
     \smaller
      \renewcommand\arraystretch{1.0}
      \caption{Untargeted Moments: Business-cycle Statistics}
    \input{\Quant/tables/table_UNTGT_STN.txt}
\end{table}

\begin{table}[H]
  \centering
  \smaller
  \renewcommand\arraystretch{1.0}
  \caption{Untargeted Moments: Misreport, BE, and Spreads}
  \input{\Quant/tables/table_UNTGT_piBE.txt}
\end{table}

\FloatBarrier 
\subsection{Links between Reputation and Fundamentals}

\begin{figure}[H]
  \centering
  \caption{Fundamentals and Reputation}
  \begin{subfigure}{0.5\textwidth}
    \centering
    \caption{$q(y,b,\zeta_H) - q(y,b,\zeta_L)  $}
    \includegraphics[width=1.0\textwidth]{\Quant/figures/policies/DeltaPrices_Reputation.pdf}
  \end{subfigure}
  ~ 
  \begin{subfigure}{0.5\textwidth}
    \centering
    \caption{$\tilde{\pi}(y,b,\zeta_H)$}
    \includegraphics[width=1.0\textwidth]{\Quant/figures/policies/pipol_reputation.pdf}
  \end{subfigure}
\end{figure}

\begin{table}[H]
  \centering
  \smaller
  \renewcommand\arraystretch{1.0}
  \caption{Decomposition of Spreads: The Reputation Premium}
  \input{\Quant/tables/table_SpreadDecomp.txt}
\end{table}


\begin{figure}[H]
  \caption{Reputation Premium and Fundamentals}\label{scatter_RP_output}
  \begin{subfigure}{0.47\textwidth}
    \centering
      \caption{Reputation Premium vs Output}
    \includegraphics[width=0.9\textwidth]{\Quant/figures/simulations/scatter_output_RPSP.png}
  \end{subfigure}
  ~
  \begin{subfigure}{0.47\textwidth}
    \centering
    \caption{Reputation Premium vs Spreads}
    \vspace{1pt}
    \includegraphics[width=0.9\textwidth]{\Quant/figures/simulations/scatter_SP_RPSP.png}
  \end{subfigure}
\end{figure}

\FloatBarrier
\subsection{The Costs of Information Frictions}
\begin{table}[H]
  \smaller
   \renewcommand\arraystretch{1.0}
  \input{\QuantPerfInfo/tables/Ctype_mms.txt}
  \caption{The Costs of Information Frictions}\label{Model_Comparisons}
\end{table}

\subsection{The Argentine Case}

\begin{figure}[H]
  \centering
  \caption{Model Simulations: Comparison with Data and Counterfactuals}\label{fig: data_vs_model_SP}
  \begin{subfigure}{0.35\textwidth}
    \centering
    \caption{Model vs Data: Spreads}
    \includegraphics[width=1.0\textwidth]{\Quant/figures/simulations/ArgCtf/SP_model_quants.pdf}
  \end{subfigure}\quad
  \begin{subfigure}{0.35\textwidth}
    \centering
    \caption{Counterfactuals: Spreads}
    \includegraphics[width=1.0\textwidth]{\Quant/figures/simulations/ArgCtf/SP_counterfs.pdf}
  \end{subfigure} \quad
  \begin{subfigure}{0.35\textwidth}
    \caption{Inflation Misreport $\tilde{\pi}$}
    \hspace*{0.27cm}\includegraphics[width=1.0\textwidth]{\Quant/figures/simulations/ArgCtf/pi_data.pdf}
  \end{subfigure}\quad
  \begin{subfigure}{0.35\textwidth}
    \caption{Reputation $\zeta$}
    \hspace*{0.20cm}\includegraphics[width=1.0\textwidth]{\Quant/figures/simulations/ArgCtf/z_counterfs.pdf}
  \end{subfigure}
\end{figure}


%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% -------------------------   APPENDIX   ------------------------- %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

\appendix
\pagebreak

% APPENDIX C
\setcounter{figure}{0} \renewcommand{\thefigure}{C.\arabic{figure}}
\setcounter{table}{0} \renewcommand{\thetable}{C.\arabic{table}}\setcounter{equation}{0}
\setcounter{section}{2}

\section{Quantitative Analysis}
\subsection{Default Policies and Bond Prices}

\begin{figure}[H]
  \caption{Default - Repayment Sets}\label{fig: def_sets}
  \begin{subfigure}{0.48\textwidth}
    \centering
    \caption{Default Set - $C$-type}
    \includegraphics[width=1.\textwidth]{\Quant/figures/policies/defP.pdf}
  \end{subfigure}%
  ~ 
  \begin{subfigure}{0.48\textwidth}
    \centering
    \caption{Default Set - $S$-type}
    \includegraphics[width=1.\textwidth]{\Quant/figures/policies/defI.pdf}
  \end{subfigure}
\end{figure}

\begin{figure}[H]
  \centering
  \caption{Bond-pricing Kernel}\label{fig: pricing_kernel_app}
  \begin{subfigure}{0.47\textwidth}
  \caption{High Output}
  \includegraphics[width=1.0\textwidth]{\Quant/figures/policies/debt_price_high_y.pdf}
  \end{subfigure}
  \begin{subfigure}{0.47\textwidth}
  \caption{Low Output}
  \includegraphics[width=1.0\textwidth]{\Quant/figures/policies/debt_price_low_y.pdf}
  \end{subfigure}\quad
\end{figure}

\subsection{Analysis of the Learning Parameter $\alpha$}

\begin{figure}[H]
  \noindent
  \caption{The Frequency and Surprise Channels}
  \includegraphics[width=0.6\textwidth]{\QuantAP/figures/Derivative_1stalpha.pdf}
\end{figure}

\begin{figure}[H]\hspace{-0.6cm}
  \caption{The Relation between $\alpha$ and $\eta_{BE,SP}$}
  \centering
  \includegraphics[width=0.6\textwidth]{\QuantAP/figures/elasticity_alpha_comparisons.pdf}
\end{figure}

\subsection{The Persistence of Government Types}

\begin{table}[H]
  \caption{Reputation Premium and Persistence of Government Types}
  \smaller
  \renewcommand\arraystretch{1.0}
  \input{\QuantAltPersistence/tables/spread_decomp.txt}
\end{table}

\subsection{Comparison with the Perfect-information Case}

\begin{figure}[H]
  \noindent
  \caption{Ratio of Spreads: Baseline Model versus Perfect-information Case}
  \includegraphics[width=0.6\textwidth]{\QuantAP/figures/Ratio_Spreads_Baseline_vs_PerfInfo.pdf}
\end{figure}


\begin{figure}[H]
  \centering
  \caption{CEC - Baseline Model vs. Perfect-information Case}
  \includegraphics[width=0.48\textwidth]{\QuantAP/figures/CEC_Baseline_vs_PerfectInfo.pdf}   
\end{figure}

\begin{figure}[H]
  \centering
  \caption{CEC - Baseline Model vs. Fixed-types Case}
  \begin{subfigure}{0.46\textwidth}
    \centering
     \caption{$C$-type}
    \includegraphics[width=1.05\textwidth]{\QuantAP/figures/CEC_Baseline_vs_ConstantTypes_P.pdf}
  \end{subfigure}
  ~ 
  \begin{subfigure}{0.46\textwidth}
    \centering
    \caption{$S$-type}
    \includegraphics[width=1.05\textwidth]{\QuantAP/figures/CEC_Baseline_vs_ConstantTypes_I.pdf}
  \end{subfigure}
\end{figure}


\subsection{The Argentine Case: Additional Material}

\begin{figure}[H]
  \caption{Model Simulations}
  \begin{subfigure}{0.43\textwidth}
    \centering
    \caption{Path for Output}
      \includegraphics[width=1.\textwidth]{\Quant/figures/simulations/ArgCtf/Y_model_data.pdf}
    \end{subfigure}\quad
  \begin{subfigure}{0.43\textwidth}
      \caption{Reputation Premium (as \% of spreads)}
        \includegraphics[width=1.0\textwidth]{\Quant/figures/simulations/ArgCtf/RP_AlternativePahts.pdf}
    \end{subfigure}
\end{figure}


\end{document}